Ticker C

Today's data summary

Market closed
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Price US dollars
As of 13:44 22 May 2019
Market cap. US dollars
166,297.29 million
As of 13:44 22 May 2019

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Citi 'performed well'

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Another US bank has reported its results.

Citigroup reported revenues of $18.6bn in the first quarter 2019, down 2%, while profits were up 2% at $4.7bn.

Michael Corbat, chief executive, said: “Both our consumer and institutional businesses performed well and we saw good momentum in those areas where we have been investing, such as US branded cards, Treasury and Trade Solutions, and Investment Banking.

"Importantly, our strategy in North America consumer banking is showing good early results as we introduce new products and engage with a broader range of customers, through digital channels".

What's in today's business pages...

Today's business pages

The Financial Times leads with the story that "Huawei's green light from Britain dents US drive for global 5G ban". In short, UK cyber-security chiefs reckon that any risk posed by involving the Chinese technology giant Huawei in UK telecoms projects can be managed. More here.

The Times leads its Business section on news of a boost for the UK that we mentioned earlier: "Citigroup hands Britain £1.2bn vote of confidence".

The Daily Telegraph features a story relation to the collapse of budget airline Flybmi, with "Flybmi's sister company Loganair moves to land fallen airline's routes".

Meanwhile, Guardian readers are treated to the story that "Co-founder of Petrofac named in bribery case". It reports Serious Fraud Office allegation about the late Maroun Semaan.

Citi reportedly in £1.2bn London deal

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Citigroup is reportedly on the verge of buying the building in Canary Wharf that houses its European headquarters.

The deal is valued is £1.2bn and the Times describes it as a "striking financial commitment to Britain only weeks before Brexit".

The Times says that EG, a property trade magazine, reports that the US bank is in advanced talks to buy the 42 storey Citi Tower.

Citi misses expectations

Citi bank branch inSan Francisco, California
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US bank Citigroup has reported $17.1bn in revenue for the fourth quarter, below the $17.6bn average estimate of analysts surveyed by Refinitiv.

For the full year 2018, Citigroup reported net income of $18bn on revenues of $72.9bn.

"A volatile fourth quarter impacted some of our market sensitive businesses, particularly fixed income," Citi 's chief executive Michael Corbat said.

Citigroup gets chairman

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Citigroup, the US banking giant, has named John Dugan as chairman.

He replaces Mike O'Neill who has reached retirement age and was due to leave in April.

Mr Dugan was already a director of the bank and is a former regulator.

Citigroup - unlike some other US banks - separates the role of chief executive and chairman. The chief executive is Mike Corbat who said "Citi and our shareholders have been well served by having an independent chairman".

Mr O'Neill was briefly chief executive of Barclays.

Citigroup 'moving 63 staff' over Brexit

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Bloomberg is reporting that Citigroup is planning to move 63 people out of the UK as it prepares for Brexit. 45 will come from its trading unit, 18 from its private bank.

Bloomberg's report is based on an internal memo, which it says suggests the 63 staff will move to cities where Citigroup already has operations.

Citigroup profits rise

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Third quarter profits at Citigroup rose to $4.6bn from $4.1bn in the same period last year on flat revenue of $18.4bn.

Facebook asks banks for financial habit data

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Facebook has been asking US banks for information about how people use their services, in a bid to see how it can boost user engagement with the social network.

Sources have told the Wall Street Journal that Facebook has asked Wells Fargo, Citigroup, JP Morgan and US Bancorp to share information on card transactions and how bank customers check their account balances.

The idea is for Facebook to look to incorporating some online banking functions from these banks within Facebook Messenger, similar to the service it provides for PayPal, whereby receipts for payments made are sent to users over Messenger.

Facebook said it wouldn't use the bank data for ad-targeting purposes or share it with third parties.